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Bearish Sentiment--Time to be Bullish?

|Includes: SPDR S&P 500 Trust ETF (SPY)

Has an investor who loves to be contrarian and buy things institutions "hate" or can't own for various reasons I'm wondering if soon it is going to be a good time to be bullish.  

Macro market reports I've read from Goldman and BofA still have price targest on the S&P 500 of 1200 by year-end.  Thats about a 13% increase from the current index price of 1070.  With many traders worried that the S&P 500 is going to trade down near 1,000 and the DOW below 10,000 over the next couple weeks as the stock market gets jittery about Europe, earnings, and companies future guidance it would appear mid-2010 might be a good time to be bullish if your somewhat of a contrarian such as myself.

I'm not an irrational optimist but I like the fact our economy is at least growing, interest rates are ultra-low, and there is a lot of bearish sentiment in the current marketplace.  I think the market has already priced in and is expecting a decent amount of bad news from earnings and guidance in Q2 (although short term we may see more downside in the broad market).  Therefore if we have any positive economic data arising in the second half of the year the markets will most likely react positively to the news--lifting broad market prices.